Innovus Pharmaceuticals Completes Reverse Merger Agreement With North Horizon, Inc.
December 08 2011 - 9:15AM
Innovus Pharmaceuticals, Inc., (OTCBB:NORHD) ("Innovus) Pharma")
today announced that FasTrack Pharmaceuticals, Inc. ("FasTrack"),
completed its previously announced merger agreement with North
Horizon Inc., subsequent to which FasTrack was acquired by, and has
become a wholly-owned subsidiary of North Horizon. Effective
December 7, 2011, the combined entity began operating under the
name of Innovus Pharma. Its common stock will continue to be quoted
on the OTC Bulletin Board under the ticker: NORHD until January 18,
2012, after which time it will trade under the ticker: INNV.
Pursuant to the terms of the merger agreement, the Company also
effected a 10:1 reverse split of its common stock outstanding,
thereby bringing the total to 16,564,063 shares on a fully-diluted
basis. The FasTrack shareholders, convertible note holder and
warrant holder, received approximately 15,238,938 shares or
approximately 92% of the fully-diluted shares outstanding.
Commenting on today's news, Vivian Liu, President and Chief
Executive Officer of FasTrack, noted, "The closing of this
transaction completes the first phase of the Company's overall
growth strategy. Our name change and listing as a publicly-traded
company will provide Innovus Pharma with increased visibility and
greater access to the financial markets, as we continue to build
our pipeline going forward."
About Innovus Pharmaceuticals, Inc.
Innovus Pharmaceuticals, Inc. ("Innovus Pharma") is focused on
developing and in-licensing revenue generating therapeutic drug
candidates. The Company has the right to develop a number of
therapeutic compounds utilizing Apricus Bioscience's (Nasdaq:APRI)
NexACT® transdermal drug delivery technology. Initially, Innovus
Pharma is concentrating on compounds requiring relatively short
development timelines and minimal R&D investment, such as a
potential NexACT-based topical treatment for male hair loss.
Innovus Pharma also holds 50% of the net commercial rights to
Apricus Bio's PrevOnco™, a lansoprazole-based Phase 2/3 Orphan Drug
candidate for liver cancer. Additionally, Innovus Pharma's
proprietary OTC pipeline, consisting of therapies aimed at pain
relief and bleeding of the gums, may offer near term revenue
opportunities.
Innovus Pharma's Forward-Looking Statement Safe
Harbor
Statements under the Private Securities Litigation Reform Act,
as amended: with the exception of the historical information
contained in this release, the matters described herein contain
forward-looking statements that involve risks and uncertainties
that may individually or mutually impact the matters herein
described for a variety of reasons that are outside the control of
the Company, including, but not limited to, its ability to raise
sufficient financing to implement its growth strategy, successfully
develop and commercialize its proprietary products. Readers are
cautioned not to place undue reliance on these forward-looking
statements as actual results could differ materially from the
forward-looking statements contained herein. Readers are urged to
read the risk factors set forth in the Company's most recent report
on Form 8-K and other filings made with the SEC. Copies of these
reports are available from the SEC's website or without charge from
the Company.
CONTACT: Vivian Liu
Innovus Pharmaceuticals, Inc.
(626) 241-2094
vliu@innovuspharma.com
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